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BSBMKG507 | Interpret Market Trends and Developments | Management

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Assessment: 01 – Written / Theoretical Questions

Assessment Description:

Please answer all of the following questions regarding BSBMKG507 Interpret Market Trends and Developments Management:

1. What types of data, from internal and external sources, will generate information relevant to forecasts of market trends and developments? List at least six sources of internal and of external data.BSBMKG507 Interpret Market Trends and Developments Management.

2. List eight forms of legislation or regulation that apply to the market.

3. What software applications can be useful for a marketing analysis? Conduct research, looking at both open source and proprietary packages and list at least six from each source. Include a brief description of what the software does or is used for.

4. List four statistical analysis concepts, five statistical analysis methods, and five methods of presenting/ reporting on the results of analyses, commonly used in marketing.

Assessment: 02- Activity Based Tasks 

ACTIVITY 1

1. Explain why business organisations use statistical analysis of market data. (50-100 words)

2. What is a fad and how does a fad differ from a trend? (100-150 words) Give five examples of current fads and five examples of current trends to illustrate your understanding of the difference.

ACTIVITY 2

1. Explain what measures of central tendency and dispersion figures are. (280-300 words)

2. To what sort of data can measures of central tendency and dispersion be applied?

3. What are data correlations and why is it important to identify correlations? (150 words}

ACTIVITY 3

1. What is quantitative data, when is it helpful and under what circumstances might you choose to conduct qualitative rather than quantitative research? (250 words)

2. How does qualitative analysis of comparative market information assist a business? {80- 100 words)

ACTIVITY 4

1. In a sentence explain how you could collect information about a competitor’s products or services.

2. Why is it necessary to collect data that will enable analysis of the market performance of existing and potential competitors and their products or services? (100-150 words)

3. What tools, apart from a SWOT analysis might be useful when conducting competitor analysis? Conduct independent research to identify at least two tools that are not included in the text of this unit and describe the function in detail. {550 words)

ACTIVITY 5

1. Why is performance measurement necessary? (250 words)

ACTIVITY 6

1. Explain why it is necessary to constantly collect and analyse data that supports identification of over-performing and under-performing products and services. {500 words)

Make a list of at least 10 things that might be considered when identifying under or over performing products/ services.

ACTIVITY 7

There are numerous forecasting techniques that can be used for a variety of purposes. These could include:

• Top down/ bottom up forecasting

• Scenario building techniques

• The Delphi method

• Situational analysis

• Statistic survey Panel consensus Historical analogy

• Econometric models

• Time series analysis Exponential smoothing Trend projections

• Moving Averages

BSBMKG507 Interpret Market Trends and Developments Management:

This is not a definitive list, there are other methods too.

1. Select, from the .list at least four techniques. For each, describe the forecasting process, indicate the data that might be accessed (e.g. quantitative or qualitative) and the purpose for which the particular forecasting technique would be used. (100-200 words for each) 

You will need to conduct independent research.

2. Why is it necessary to forecast? (150-200 words)

3. When identifying new marketing opportunities and possibilities for introducing new products/ services to add value to the organisation, it is necessary to take the organisation’s capabilities and process capacity into consideration. These must be measured against both current and forecast demand. In 150-200 words explain why.

BSBMKG507 Interpret Market Trends and Developments Management

ACTIVITY 8

BSBMKG507 Interpret Market Trends and Developments Management:

1. Explain why visual presentations are so useful. (Offer at least three reasons)

2. List at least eight methods of visual presentation.

3. In a sentence explain why it is necessary to assess visual presentations for potential problems and to make corrections if needed.

4. Make a list of at least eight things that should be taken into consideration when preparing and plotting good quality, useful visual presentations; and when making suitable adjustments/ corrections.

5. What is the best way for the following data to be charted?

The marketing manager has asked you to make a presentation to the marketing department about research findings you have made. The graphic design department has come back with some options shown below-answer each question.

  a. Why is the bar graph on the right more accurate and easy to comprehend? How could it be improved even more?

ACTIVITY 9

1. To whom might you need to report on the analysis of market data? List four people or bodies to whom you would report.

2. Each organisation will have specific requirements regarding reporting procedures: content, format, level of detail and scheduling; however, there are some basic rules that apply to all reports. List six.

3. Name three common problems that might apply to a research report.

Assessment: 03- Project Based Tasks 

PROJECT 

You need to demonstrate that you can use statistical data to interpret market trends and developments.

For a specific organisation you must:

Develop a research plan that will enable you to gather both quantitative and qualitative data about internal and external conditions that affect the market and your organisation’s product/ service positioning within the market.

Explain what data you are collecting and why you believe this data is relevant and useful. If you used surveys, submit the surveys and survey results to the assessor. If you used other data sources like sales figures or other research submit these also.

You need to identify, through appropriate data analysis, trends and developments that will impact on current products/ services and/or that might offer new opportunities for the organisation.

You should analyse the collected data in order to develop forecasts and to make reports about the organisation’s ongoing business activities.

What tools will you use to analyse the data? Explain why these tools are the best.BSBMKG507 Interpret Market Trends and Developments Management.

Once the data is analysed present it in ways that make it readable and useful, for example graphs, tables etc.

What information have you gleaned from the data analysis and how is it likely to impact on business operations, for example does it offer new opportunities or are there products and services that should be closely examined with a view to termination etc? Summarise the data analyses.

Analyse the market performance of existing competitors and their products or services, to identify potential opportunities or threats to the organisation. Select the necessary tools and software applications. What tools did you use to do this and what were the results? Make a visual presentation of the information.

Write a formal report on the findings of your research on the trends and developments identified and incorporating the statistical analysis and interpretation of the market trends and developments.

Statistical analysis might include: 

• measures of central tendency 

• dispersion

• correlations between sets of data

• z-test, t-test, chi-square significance tests

• causal relationships 

• time-series analysis etc

Use the information that results from the analyses to make suggestions or recommendations about over-performing and under-performing products and services and/or about the trends and developments that will affect the way forward for the organisation.

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